Shoprite storefront. Picture: MICHAEL ETTERSHANK
Shoprite storefront. Picture: MICHAEL ETTERSHANK

Shoprite confirmed on Friday that Steinhoff’s African subsidiary had exercised call options to acquire a 23.1% stake and 50.6% voting control in Africa’s largest grocer.

In August, Steinhoff Africa Retail (Star) said it would look to acquire a controlling stake in supermarket operator Shoprite in a share deal worth R35.5bn, which would give it exposure to shoppers in SA and 14 other African markets.

Shoprite said Star’s investment would be subject to a number of conditions including various merger filings.

Reuters

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